According to two OPEC+ sources, the meeting of the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) will be forwarded to June 6 from the original plan of June 10.
The OPEC members will first hold their ministerial meeting via a video conference at 12.00 GMT and OPEC+ will follow by 14.00 GMT.
The video conference will be the first meeting of OPEC+ since they clinched the latest output curb pact early in April.
The news putting down the speculations that the meetings could even not be held this month, amidst the poor compliance rates by some members of the alliance. According to sources, there are some intense discussions and bargaining behind the scenes which resulted in the market doubting the timing and hurting oil prices.
The latest pact called for a collective cut of 9.7 million bpd of oil production in May and June, then a by 7.7 million bpd in the second half of the year. The de facto leaders of OPEC+, Saudi Arabia and Russia, are supporting the current output cut until the end of July.
Meanwhile, the OPEC+ Joint Technical Committee (JTC) will meet at an untypically later date on June 17.
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Published on June 5, 2020 3:45 PM (GMT+8)Last Updated on June 5, 2020 3:45 PM (GMT+8)
